Jocque FabricsThe following data are available for one item of merchandise sold by Jocque Fabrics, which uses a periodic inventory system.
February
1
On hand, 100 units at $12 each 8
Sold, 60 units for $30 each 14
Purchased, 30 units at $13 each 25
Sold, 24 units for $30 eachRefer to the information provided for Jocque Fabrics. If the Average Cost method is used, determine the following amounts:
A) Ending inventory on February 28th
B) Cost of Goods sold for the month of February
C) Gross Margin for February
What will be an ideal response?
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